Italy Brings Clarity to Foreign Takeover Rules in Strategic Sectors
By BRUNO COVA, FLAVIO A. ACERBI & ANTEO PICELLO
On 15 March 2012 the Italian government approved a reform of the golden share regulation which will foster a clearer legal environment for foreign investors (the "Strategic Sector Act").
The Strategic Sector Act represents an important step towards the creation of a trustworthy and predictable legal playing field for foreign investors in Italy and provides a differentiated treatment between companies operating strategic activities for the defense system and national security, on the one hand, and companies operating strategic networks, plants, assets and relationships in the field of energy, transportation and communications, on the other hand.
The Strategic Sector Act was passed as an emergency law decree, which remains subject to confirmation by the Italian Parliament, and will be fully in force only once the Italian Government has passed implementation Ministerial decrees.